Depends.
Isn't the whole basis of a 2/28 subprime that there is virtually no cash down? Isn't that how Minsky formulated his Ponzi unit where in a growing market, you're simply long a call on your property? If not, let it expire worthless and your credit is screwed?
Also, given the way the American politics have functioned, wouldn't the next step be to allow those who destroyed their credit get it back through some dumbass government program?